implementation of the accords, claiming it would hurt banks and economic growth. The American Banker's Association, community banks organized in the Independent Community Bankers of America, and some of the most liberal Democrats in the U.S. Congress, including the entire Maryland congressional delegation with Democratic Sens. Cardin and Mikulski and Reps. Van Hollen and Cummings, voiced opposition to Basel III in their comments submitted to FDIC, saying that the Basel III proposals, if implemented, would hurt small banks by increasing "their capital holdings dramatically on mortgage and small business loans." In January 2013 the global banking sector won a significant easing of Basel III rules, when the BCBS extended not only the implementation schedule to 2019, but broadened the definition of liquid assets. In December 2017, the Basel Committee's oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), extended the implementation of the market risk framework from 2019 to 1 January 2022. In March 2020, implementation of the Basel III: Finalising post-crisis reforms, the market risk framework, and the revised Pillar 3 disclosure requirements were extended by one year, to 1 January 2023. See also Basel I References External links Basel III capital rules Basel III liquidity rules Bank Management and Control, Springer Nature – Management for Professionals, 2020 U.S. Implementation of the Basel Capital Regulatory Framework Congressional Research Service Securitized Products Risk Charges: Going Beyond on SSFA Basel III in India How Basel III Affects SME Borrowing Capacity Bank regulation Stress tests (financial) 2010 in economics 2011 in economics Great Recession in Europe Great Recession in the United Kingdom Eurozone crisis Post-2008 Irish economic downturn Economic globalization Systemically important financial institutions Systemic risk Banking in the European Union Capital requirement